shaping the new financial architecture…

Let’s audit the Federal Reserve

Posted in Federal Reserve, Lobbying, TBTF by Kitty on May 6, 2010

President Obama should do Americans a favor and get behind the AUDIT THE FED amendment rather than fighting it so intensely as he seems to be doing.

His actions in this matter subvert every campaign promise he made about accountability and transparency.

When Congress passes the Sanders “AUDIT THE FED” amendment today important information will be audited by the Government Accountability Office such as:

> > > Decisions about what toxic assets were accepted by the Fed as collateral

> > > How such assets were valued

> > > Who bailout funds were given to

These decisions are wholly separate from the Fed’s core monetary policy decision: raising or lowering interest rates.

The GAO audits the US Department of Defense but they dont second guess the battlefield plans of the generals.

In the same light the GAO will be examining that proper controls are in place to protect the interests of American taxpayers and examine whether Wall Street is being disproportionately benefited in trading and borrowing from the Fed.

Current cosponsors for “Audit the Fed” amendment:

Sen Begich, Mark [AK] – 5/5/2010
Sen Bennett, Robert F. [UT] – 5/3/2010
Sen Boxer, Barbara [CA] – 4/29/2010
Sen Brownback, Sam [KS] – 4/29/2010
Sen Bunning, Jim [KY] – 5/3/2010
Sen Cantwell, Maria [WA] – 5/5/2010
Sen Crapo, Mike [ID] – 4/29/2010
Sen DeMint, Jim [SC] – 4/29/2010
Sen Dorgan, Byron L. [ND] – 4/29/2010
Sen Feingold, Russell D. [WI] – 4/29/2010
Sen Graham, Lindsey [SC] – 4/29/2010
Sen Grassley, Chuck [IA] – 4/29/2010
Sen Hatch, Orrin G. [UT] – 4/29/2010
Sen Leahy, Patrick J. [VT] – 4/29/2010
Sen McCain, John [AZ] – 4/29/2010
Sen Murkowski, Lisa [AK] – 5/5/2010
Sen Risch, James E. [ID] – 4/29/2010
Sen Shaheen, Jeanne [NH] – 5/4/2010
Sen Vitter, David [LA] – 4/29/2010
Sen Wicker, Roger F. [MS] – 4/29/2010
Sen Wyden, Ron [OR] – 4/29/2010
More at Riski: Reform of the Federal Reserve

http://freerisk.org/wiki/index.php/Reform_of_the_Federal_Reserve

When pollsters address financial reform

Posted in Fraud, Lobbying, Senate Banking Committee by Kitty on February 9, 2010

Reblog from American’s for Financial Reform: Heather Booth: Beware Frank Luntz’s Lies

AFR Director Heather Booth has a new column on the Huffinton Post exposing Frank Luntz’s lies about financial reform.  Here’s an excerpt from her post:

Seen this ad from the “Committee for Truth in Politics”? If the name weren’t comical enough, the visuals are. But that doesn’t mean we shouldn’t take the message seriously. The claim that financial regulatory reform is a $4 trillion bank bailout doesn’t really resemble any truth, as Factcheck.org explains. Yet we know this is just the beginning of what we’ll see and hear as the weeks roll on for the push for real financial regulatory reform. And where did these conservatives get the idea to say black is white and up is down? Frank Luntz.

Frank Luntz, pollster to the right wing and Wall Street agenda, has written a 17-page memo on how to talk about financial reform in order to destroy it. This is the same Luntz whose health insurance reform talking points – on how to best stir up fear and confusion in the American people to derail reform and protect insurance industry profits – showed up across conservative websites and in the mouths of lawmakers. So it shouldn’t be surprising that he’s at it again. After all, his client list is a who’s who of the corporate interests who helped to create the crisis, including Merrill Lynch and Bear Sterns.

When the Frank Luntz Memo wasn’t making me laugh with its absurdity, I was outraged that he uses 1984 George Orwellian advice to call good, bad; to say the solution is the problem. It’s this kind of thinking that inspired belief in the “death panels” that were a fabrication in the health care debate. And it is dangerous because he may have enough money to promote it again and again — so that it may sound real.

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